Breaking AI Stock News: Alset
Capital Inc. (TSXV: $KSUM.V) Investee Company Cedarcross Technologies Announces
Nvidia AI Server Agreement, and Signs C$2.3 Million First H100 Server
Distribution Transaction; @AlsetAI
News Release
Highlights:
Cedarcross
Technologies, Alset investee company, has entered into a distribution agreement
with Earthmade Computer, an Authorized Distributor of Super Micro Computer, to
provide AI companies with access to Nvidia H100 servers
Cedarcross
Technologies achieves significant milestone closing its first distribution
transaction with Ceti AI for total revenue consideration of CAD$2.3 million
VANCOUVER,
BC - April 22, 2024 (Investorideas.com Newswire) Alset Capital Inc. (TSXV:KSUM)(FSE:1R60,
WKN:A3ESVQ)("Alset" or the
"Company") is pleased to announce that its investee company,
Cedarcross International Technologies Inc. ("Cedarcross
Technologies"), has signed a Distribution Agreement (the
"Agreement"), in addition to the Supply Agreement announced on April
4th, with CoinDigger DBA Earthmade Computer Corp. ("Earthmade"). This
Agreement, in addition to the elements of the Supply Agreement, now also
enables Cedarcross Technologies to distribute Nvidia GPU High-Performance
Computing (HPC) servers, and to receive assistance from Earthmade in obtaining
hardware allocation from Super Micro Computer, Inc. (NASDAQ:SMCI) for the
distribution of Nvidia GPU servers. Alset has also entered into a HPC server
purchase agreement with Big Energy Investments Inc., DBA Ceti AI ("Ceti AI").
The Agreement involves the sale of five (5) Nvidia H100 HGX 8GPU servers that
shall be sourced by Cedarcross Technologies prior to the sale. Such sale will
generate Cedarcross Technologies approximately CAD$2.3M in gross revenue plus
applicable taxes. Cedarcross Technologies intends to leverage this opportunity
to purchase its first H100 servers from Super Micro and/or other server
manufacturers, via Earthmade.
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this in full at https://www.investorideas.com/news/2024/technology/04222Alset-Capital.asp
Super Micro Computer, Inc., a global
technology leader committed to delivering first-to-market innovation for
Enterprise, Cloud, AI, Metaverse, and 5G Telco/Edge IT Infrastructure. Super
Micro Computer, Inc. is renowned for delivering one of the broadest selections
of Nvidia-Certified systems providing the most performance and efficiency from small
enterprises to massive, unified AI training clusters with the new Nvidia H100
and H200 Tensor Core GPUs.
Securing this distribution agreement
allows for the distribution of Nvidia GPU HPC servers from Super Micro
Computer, Inc. (NASDAQ:SMCI), and other server manufacturers. This partnership
opens up an additional business vertical for Cedarcross Technologies in
addition to its compute leasing business vertical. Cedarcross Technologies aims
to demonstrate the valuable relationships such as this to obtain HPC hardware
at competitive prices and expedited lead times. The Server Purchase Agreement
is a testament to the demand in the market for Cedarcross Technologies to
service this market, and Cedarcross Technologies aims to identity similar
transactions in the future.
"'This transaction with Ceti AI
represents a significant milestone for Cedarcross Technologies," said
Morgan Good, CEO of Alset. "It not only enhances their revenue streams,
but also reinforces their market position as a leader in supplying high-performance
computing GPU servers. Alset is committed to supporting Cedarcross Technologies
as it continues to expand and excel on its business model."
Agreement Payment Terms
The total contract value for the HPC
servers is CAD$2.3 million + GST, with the following terms:
Ceti AI will pay a deposit of
CAD$140K + GST within two (2) business days from the execution date of the
Agreement (the "Effective Date").
An additional CAD$1.01M + GST will be
paid within fourteen (14) days from the Effective Date; and
The balance of CAD$1.15M + GST is due
seven (7) days after the servers are received and accepted by Ceti AI,
scheduled for no earlier than May 17th, 2024.
The aggregate return for Cedarcross
Technologies is expected to be up to CAD$240K subject to ordinary course
chargebacks, closing costs including shipping and other associated expenses.
On behalf of Alset Capital Inc.
"Morgan Good"
Morgan Good
Chief Executive Officer
About Alset Capital Inc.
Alset Capital Inc. is an investment
issuer that is focused on investment in diversified industries such as
technology, healthcare, industrial, special situations, operating businesses
through both debt and equity using cash resources or shares in its capital. The
Company is led by an experienced, entrepreneurial group of executives having a
diverse industry and capital markets background.
Alset Capital Inc.'s investment
portfolio comprises 49% ownership of Cedarcross International Technologies Inc.
and 49% ownership of Vertex AI Ventures Inc.
About Cedarcross International
Technologies Inc.
Cedarcross Technologies is an
Artificial Intelligence cloud computing provider, with a vision of becoming one
of Canada's largest AI compute providers. The Company is dedicated to
democratizing access to cutting-edge AI computing, offering access to the
world's fastest AI servers powered by Nvidia's H100 HGX 8GPU Servers. Focused
on leasing compute resources to enterprise clients, Cedarcross Technologies
anticipates significant revenue growth.
For further information about Alset
Capital Inc., please contact:
Morgan Good, CEO and Director
T: 604.715.4751
E: morgan@alsetai.com
Cautionary Note regarding Forward
Looking Statements
Certain statements in this press
release may contain forward-looking information (within the meaning of Canadian
securities legislation), including, without limitation, the consummation of the
transactions contemplated by the Agreement, the Nvidia H100 HGX 8GPU servers'
revenue generation, growth of the global cloud AI market and the review and
acceptance of the TSX Venture Exchange. These statements address future events
and conditions and, as such, involve known and unknown risks, uncertainties,
and other factors, which may cause the actual results, performance, or
achievements to be materially different from any future results, performance,
or achievements expressed or implied by the statements. Forward-looking
statements speak only as of the date those statements are made. Although the
Company believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from those in the
forward-looking statements. Factors that could cause the actual results to
differ materially from those in forward-looking statements include regulatory
actions, market prices, and continued availability of capital and financing,
and general economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance and actual
results or developments may differ materially from those projected in the
forward-looking statements. Forward-looking statements are based on the
beliefs, estimates and opinions of the Company's management on the date the
statements are made. Except as required by applicable law, the Company assumes
no obligation to update or to publicly announce the results of any change to
any forward-looking statement contained or incorporated by reference herein to
reflect actual results, future events or developments, changes in assumptions,
or changes in other factors affecting the forward-looking statements. If the
Company updates any forward-looking statement(s), no inference should be drawn
that it will make additional updates with respect to those or other
forward-looking statements.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE: Alset Capital Inc.
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